Transition to ASC Topic 842, Leases

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The purpose of this document is to illustrate a comprehensive example of how to transition from current GAAP (ASC 840) to the new lease accounting standard (ASC 842). This example uses a single lease example, rather than a portfolio of leases, to illustrate the accounting under current guidance, the transition entry to ASC 842, and go forward accounting for leases that existed at the effective date. Note: Leases entered into or modified on or after the effective date would be accounted for based on lease accounting guidance in ASC 842 (i.e. not the transition guidance).

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